While credit union membership across the country is on the rise, there are still some lingering misconceptions about credit unions. That’s a shame, since credit unions offer some great benefits, like free accounts, lower fees and free services. We’re debunking some of the most common credit union myths, so you get a clear picture of how credit union membership could make a difference in your financial life.
Credit Union Myth #1: Membership Is Strictly Limited
Some credit unions are limited to specific groups or industry employees, but many credit unions have very broad membership criteria, so it’s usually easy to find one that you’re eligible to join.
In 1952, VyStar Credit Union was founded as Jax Navy Federal Credit Union to serve civil service and military employees and their families at Naval Air Station Jacksonville (NAS Jax). Today, anyone who lives or works in the 49 contiguous counties of Central to North Florida or 18 Southern Georgia counties, as well as past and present military members and their families, can become a VyStar member.
More than 800,000 people now enjoy the benefits of VyStar membership, and we continue to grow as we add more branch and ATM locations.
Credit Union Myth #2: There’s No Difference Between a Credit Union and a Bank
Credit unions are member-owned, nonprofit organizations. That means our main goal is providing great service to our members at affordable rates. In contrast, banks are for-profit institutions, so their primary purpose is to generate income for their stockholders.
Because we’re a nonprofit institution, we put our income back into members’ wallets in the form of lower fees, lower loan rates and higher earning rates. In 2018, we lowered or eliminated more than half of our fees, saving members more than $1 million annually.
Being a grassroots organization also means that we are deeply involved in the communities we serve. In 2021, we gave more than $4 million to hundreds of organizations, and our employees provided over $500,000 and 1,500 volunteers hours to make a positive difference in the communities we serve. We will continue to support similar initiatives, including our work with community partners such as the National POW/MIA Memorial & Museum, LIFT JAX and Rethreaded.
Credit Union Myth #3: Credit Unions Are Less Convenient Than Banks
Many people believe that credit unions don’t provide up-to-date technology, but that’s not the case with VyStar. We offer convenient, secure Online & Mobile Banking services, such as Bill Pay, mobile check deposit and more. Plus, the representatives at our Contact Center and VyChat service are available to help you every day, from 7:00 a.m. to 7:00 p.m., excluding holidays.
People may also think that credit unions have fewer branch and ATM locations compared to banks. However, we have 63 VyStar branches and more than 250 VyStar ATMs at convenient locations across our service area. We’re also part of a network of 20,000+ surcharge-free ATMs at popular retailers across the nation, like Target and CVS.
If you want to find out how we can help you improve your financial situation, visit us at any of our convenient branches, call us at 904-777-6000 or 800-445-6289, or apply online today!